Why the US has designs on Venezuela’s oil
January 7, 2026
Venezuela’s oil industry has been in the spotlight since President Donald Trump captured the country’s President Nicolas Maduro. The country sits on a vast supply of oil but only produces a small fraction of it because of damaged infrastructure. Trump has floated a plan for major U.S. oil companies to return and rebuild Venezuela’s beleaguered oil industry. And Trump also says Venezuela has agreed to provide 30 to 50 million barrels of oil to the U.S. The moves may be part of a long-term strategy to gain a foothold in a nation with vast oil reserves.